Notes to Accounts of Winsome Breweries Ltd.

Mar 31, 2024

22 Basic and Diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the company by the weighted average number of Equity shares outstanding during the year. Diluted EPS are calculated by dividing the profit for the year attributable to the equity holders of the company by weighted average number of Equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.

(ii) Fair value hierarchy

All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is insignificant to the fair value measurements as a whole.

Level 1 : quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : valuation techniques for which the lowest level inputs that has a significant effect on the fair value measurement are observable, either directly or indirectly.

Level 3 : valuation techniques for which the lowest level input which has a significant effect on fair value measurement is not based on observable market data.

The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities, other than those whose fair values are close approximations of their carrying values.

There have been no transfers between Level 1 and Level 2 during the period.

For cash and cash equivalents, trade receivables, other receivables, short term borrowing, trade payables and other current financial liabilities the management assessed that their fair value is approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair values of the Company''s long-term interest free security deposits are determined by applying discounted cash flows (''DCF’) method, using discount rate that reflects the market borrowing rate as at the end of the reporting period. They are classified as level 3 fair values In the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

24 Financial risk management objectives and policies

The Company''s principal financial liabilities, other than derivatives, comprise trade and other payables, security deposits, employee liabilities. The Company''s principal

financial assets include trade and other receivables, inventories and cash and short term deposits/ loan that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s management oversees the management of these risks. The Company''s senior management is supported by a Risk Management Compliance Board that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company''s management that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The management reviews and agrees policies for managing each of these risks, which are summarised below.

I. Market risk

Market risk is the risk that the fair value of future cash flows of a financial Instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk include, deposits.

The sensitivity analyses of the above mentioned risk in the following sections relate to the position as at 31 March 2024 and 31 March 2023.

The analyses exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities of foreign operations. The analysis for contingent liabilities is provided in Note 28.

The following assumptions have been made in calculating the sensitivity analyses:

- The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 31 March 2024 and 31 March 2023.

A. Interest rote risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s debt obligations with floating interest rates. However the risk is very low due to negligible borrowings by the Company.

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.

8. Foreign currency sensitivity

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in exchange rates. Foreign currency risk senstivity is the impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities. The following tables demonstrate the sensitivity to a reasonably possible change in USD and EURO exchange rates, with all other variables held constant.

The movement in the pre-tax effect on profit and loss is a result of a change in the fair value of derivative financial instruments not designated in a hedge relationship and monetary assets and liabilities denominated in INR, where the functional currency of the entity is a currency other than INR.

II. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial Institutions.

Credit risk from investments with banks and other financial institutions is managed by the Treasury functions in accordance with the management policies. Investments of surplus funds are only made with approved counterparties who meet the appropriate rating and/or other criteria, and are only made within approved limits. The management continually re-assess the Company''s policy and update as required. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty failure.

The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the Balance Sheet date A Trade receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit review and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.

At the year end the Company does not have any trade receivable therefore there is no bad debt risk.

An impairment analysis is performed at each reporting date on an individual basis for major clients. The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 23. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several Jurisdictions and operate in largely Independent markets.

8. Financial instruments and cosh deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties.

III. Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts

IV. Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s performance to developments affecting a particular Industry.

25 Capital Management

The objective of the Company''s capital management structure is to ensure that there remains sufficient liquidity within the Company to carry out committed work programme requirements. The Company monitors the long term cash flow requirements of the business in order to assess the requirement for changes to the capital structure to meet that objective and to maintain flexibility.

The Company manages its capital structure and makes adjustments to it, in light of changes to economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate.

No changes were made in the objectives, policies or processes during the year ended 31 March 2024.

26 Defined Contribution Plans - General Description

Retirement benefits in the form of provident fund, superannuation fund and national pension scheme are defined contribution schemes. The Company has no obligation, other than the contribution payable to the provident fund. The Company''s contribution to the povident fund is Rs.0.02 lacs (31 March 2023 Nil)

Defined Benefit Plans - General Description Gratuity:

The Company has a defined benefit gratuity plan. Gratuity is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement / termination / resignation. The benefit vests on the employee completing 5 years of service. The Company makes provision of such gratuity asset/ liability in the books of accounts on the basis of actuarial valuation as per the projected unit credit method.

The following tables summarise the components of net benefit expense recognised in the statement of profit & loss and the funded status and amounts recognised in the balance sheet for the gratuity plan:

The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. Sensitivities due to mortality and withdrawals are insignificant and hence ignored. Sensitivities as to rate of inflation, rate of increase of pensions in payments, rate of increase of pensions before retirement & life expectancy are not applicable being a lump sum benefit on retirement.

(Amount in Rupees lakhs, unless otherwise stated)
	31 March 2024	31 March 2023
27 Commitments
(i) Estimated amount of orders remaining to be executed/ supplied.	Nil	Nil
(ii) Letters of credits opened in favour of inland/overseas suppliers	Nil	Nil
28 Contingent Liabilities gross ( Amount not provided for)
(i) Counter guarantees issued to Bankers in respect of guarantees issued by them.	Nil	Nil
(ii) Guarantees issued on behalf of Others	Nil	Nil
(iii) In respect of Service Tax/State Excise Demands pending before various authorities and	2983.36	2983.36
in dispute ( Gross ) (iv) In respect of Income Tax TDS demand as per 26 AS.	0.24	Nil
(v) In respect of Franchise duty	9.25	9.25
(vi) Other claim against the company not acknowledged as debt	Nil	Nil

29 Ind AS 116, Leases:

Effective from April 1, 2019, the company adopted Ind AS 116, Leases and applied the standard to all lease contracts existing on April 1, 2019. On evaluation of the Lease contracts, it is observed that the company has only low value or short term leases and has no material assets taken on lease to be accounted for in terms of Ind AS 116 during the year.

31 Business Segments

According to Ind AS 108, identification of operating segments is based on Chief Operating Decision Maker (CODM) approach for making decisions about allocating resources to the segment and assessing its performance. Based on the consideration of dominant sources and nature of risk & returns, the company is considered a beer manufacturer and eductional trainer. Most of the activities are revolving around these business and accordingly has three reportable segments.

a) Beer

b) Educational training

c) Investment

The above business segments have been identified considering :

a) the nature of products and services

b) the internal financial reporting systems.

33. Balance confirmation

Debit and credit balance of trade payables to the extent not confirmed are subject to conftnnation and reconciliation with parties.

34. In the opinion of the Board of Directors and to the best of their knowledge and belief, the aggregate value of current assets on realisation in the ordinary course of business will not be less than the amount at which these are staled in the balance sheet.

35. The company is having fixed assets being land, building and plant & Machinary etc in Rajasthan for production of beer. The plant is not in use since last year when the agreement was terminated by M/s United Breweries Ltd. The company is hopeful of entering into new botting agreement soon.

36. The company has filed a suit against the UBL to claim damages on account of termination of manufacturing agreement before due date. The case is pending under Arbritration and necessary adjustment in the books shall be done as per the decision under Arbritration.

37. Additional regulatory information required by Schedule III

(i) Details of henami property held No proceedings have been initiated on or arc pending against the entity for holding benami property under the Bcnanti Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Borrow ing secured against current assets Entity has no borrowings from banks and financial institutions on the basis of security of current assets.

(iii) Wilf ul defaulter Entiy hasn''t been declared wilful defaulter by any bank or financial institution or government or any government authority.

(iv l Relationship with struck off companies Entity has no transactions with the companies struck off under Companies Act, 2013 or Companies Act. 1956.

(v) Compliance w ith number of layers of companies Entity has complied with die number of layers prescribed under the Companies Act. 2013.

(vil Compliance w ith approved schentels) of arrangements Entity has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(vii) Utilisation of borrowed funds and share premium Entity has not advanced or loaned or invested funds to any other pcrson(s) or entity(ies). including foreign entities (Intermediaries) with the understanding that the Intermediary shall: a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

Entity has not received any fund from any person(s) or entity(ies). including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that die company shall: a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(viii) Undisclosed income There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(ix) Details of crypto currency or virtual currency Entity has not traded or invested in crypto currency or virtual currency during the current or previous year.

(x) Valuation of PP&K. intangible asset and investment property Entity has not revalued ils property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year

38. Previous year''s figures have been regrouped''¹ rearranged, wherever necessary so as to make them comparable with those of current year’s figures.

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Mar 31, 2023

2.10 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Entity expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

Ifthe effect ofthe time valueof money is material, provisions are discounted using a current pre-tax ratethat reflects, when appropriate, the risks specifictotheliability. When discounting is used, the increase inthe provision duetothepassageoftimeis recognised as a finance cost.

2.11 Employee Benefits

(i) Short-term obligations-

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related serviceare recognised in respect of employees’services up to the end of the reporting year and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(ii) Post-employment obligations-

The Company operates the following post-employment schemes:

(a) Defined benefit plans such as gratuity; and

(b) Defined contribution plans such as provident fund and ESI.

Gratuity obligations-

The liability or asset recognised in the balance sheet in respect of defined benefit plan is the present value of the defined benefit obligation atthe end of the reporting year less thefair value of plan assets. The defined benefit obligation is calculated annually by actuaries.

The present value of the defined benefit obligation denominated in IN R is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting year on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation. This cost is included in employee benefit expense in the statement of profit and loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Changes in the present value of the defined benefit obligati on resulting from plan amendments or curtailments are recognised immediately in profit orloss as past service cost.

Defined contribution plans-

The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expensewhen they are due.

2.12 Investments a nd Other financial assets

(i) Classification-

The Company classifies its financial assets in thefollowing measurement categories:

Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and those measured at amortised cost.

The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured affair value, gains and losses will either be recorded in profit or loss or other comprehensive income.

For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment atfairvaluethroughothercomprehensiveincome.

The Company reclassifies debt investments when and only when its business model for managing those assets changes.

(ii) Measurement-

At initial recognition, the Company measures a financial asset at its fair value, in the case of a financial asset is not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fairvaluethrough profit or loss are expensed in profit or loss.

Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

(a) Debt instruments-

Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics oftheasset. There arethree measurement categories into which the Company classifies its debt instruments: Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Again orloss on a debt investment that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit orloss when the asset is derecognised or impaired. Interest income from thesefinancial assets is included in finance income using the effective interest rate method.

Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest income from these financial assets is included in other income using the

effective interest rate method.

Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. Again or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss and presented net in the statement of profit and loss within other gains/(losses) in the period in which it arises. Interest income from these financial assets is included in otherincome.

(b) Equity instruments-

The Company subsequently measures all equity investments at fair value. Where the Company’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognised in profit or loss as other income when the Company’s rightto receive payments is established.

Changes in the fair value of financial assets atfairvaluethrough profit or loss are recognised in other gain/(losses) in the statement of profit and loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

(iv) Derecognition of financial assets-Afinancial asset is derecognised only when:

The Company has transferred the rights to receive cash flows from the financial asset or, retains the contractual rights to receive the cash flows ofthefinancial asset, but assumes a contractual obligation to paythe cash flows to one or more recipients.

Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership ofthefinancial asset. In such cases, the financial asset is derecognised. Where the Company has not transferred substantially all risks and rewards of ownership ofthe financial asset, thefinancial asset is not derecognised.

Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has not retained control ofthe financial asset. Where the Company retains control of the financial asset, theassetis continued to be recognised to the extent of continuing involvementin thefinancial asset.

(v) Income recognition-

a) Interest Income:

Interest income from debt instruments is recognised using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms ofthefinancial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected creditlosses.

b) Dividends:

Dividends are recognised in profit or loss only when the right to receive payment is established, it is probable that the economic benefits associated with the dividend will flowto the Company, and the amount ofthe dividend can be measured reliably.

2.13 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy ofthe group or the counterparty.

2.14 Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid as per the credit terms.

2.15Tradereceivables

Trade receivables are recognised initially atfair value and subsequently measured at amortised cost, less provision for impairment. 2.16Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Accordingly, segmental reporting is performed on the basis of geographical location of customer which is also used by the chief financial decision maker of thecompanyfor allocation of available resources andfuture prospects.

2.17 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

2.13 Foreign currency translation ortransaction (i) Functional and presentation currency:

Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The financial statements are presented in Indian rupee (INR), which is entity''s functional and presentation currency.

(ii) Transactions and balances:

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in statement of profit and loss. Foreign exchange gain/loss on restatement of foreign currency loans taken forspecificfixed assets are capitalized along with cost of respective fixed asset. Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit and loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit and loss on a net basis within other gains/(losses)Non-monetary items that aremeasured at fair value in aforeign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried affair value are reported as part of the fair value gain or loss. For example, translation differences on non- monetary assets and liabilities such as equity instruments held at fair value through profit orloss are recognised in profit or loss as part of thefairvalue gain or loss and translation differences on non-monetary assets such as equity investments classified as FVOCI are recognised in othercomprehensive income.

2.19 Financial liabilities

Ini tiaI recognition andmeasuremen t:

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and financial guarantee contracts.

Subsequent measurement-

The measurement of financial liabilities depends on their classification, as described below:

(a) Financial liabilities atfair value through profit orloss-

Financial liabilities at fair value through profit or loss include financial liabilities held fortrading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in thenearterm.

(b) Loans and borrowings-

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised costusingthe Effective Interest Rate(EIR) method.

Gains and los ses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation pro cess.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included asfinancecosts in the statement of profit and loss.

2.20 Contingencies

Contingent liabilities are possible obligations whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Company''s control, or present obligations that are not recognised because of the following: (a) It is not probable that an outflow of economic benefits will be required to settle the obligation; or (b)theamount cannot be measured reliably.

Contingent liabilities are not recognised but are disclosed and described in the notes to the financial statements, including an estimate of their potential financial effect and uncertainties relating to the amount ortiming of any outflow, unless the possibility of settlement is remote.

Contingent assets are possible assets whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the Company’s control. Contingent assets are not recognised. When the realisation of income is virtually certain, the related asset is not a contingent asset; it is recognised as an asset.

Contingent assets are disclosed and described in the notes to the financial statements, including an estimate of their potential financial effect if the inflow of economic benefits is probable.

2.21 Government Grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit orloss on a straight-line basis over the expected lives of the related assets and presented within other income.

2.22 Significant accounting judgements, estimates and assumptions

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Estimates and assumptions are continuously evaluated and are based on management''s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

In particular, the Company has identified the following areas where significant judgements, estimates and assumptions are required. Further information on each of these areas and how they impact the various accounting policies are described below and also in the relevant notes to the financial statements. Changes in estimates are accounted forprospectively.

Judgements

In the process of applying the Company''s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements:

Contingencies

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including legal, contractor, land access and other claims. By theirnature, contingencies will be resolved only when one ormoreuncertain future events occur orfail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant judgments and the use of estimates regarding the outcome of future events.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market change or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(a) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or CGU’s fair valueless costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

(b) Defined benefit plans

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

(c) Fairvaluemeasurementoffinancial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the NAV model.

Financial assets like security deposits received and security deposits paid, has been classified and measured at amortised cost on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Government corporate bond rate has been used to fair value the security deposits at amortised cost. Financial liability like long term borrowings received, has been classified and measured at amortised cost on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Average market borrowing rate has been used tofair value thelongterm loan atamortised cost.

28 Financial risk management objectives and policies

The Company''s principal financial liabilities, other than derivatives, comprise trade and other payables, security deposits, employee liabilities. The Company''s principal financial assets include trade and other receivables, inventories and cash and short-term deposits/ loan that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s management oversees the management of these risks. The Company''s senior management is supported by a Risk Management Compliance Board that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Company''s management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The management reviews and agrees policies for managing each of these risks, which are summarised below.

I. Marketrisk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Marketrisk comprises three types of risk: interest rate risk, currency riskand otherprice risk. Financial instruments affected by market risk include, deposits. The sensitivity analyses oftheabovementioned risk in the following sections relateto theposition as at 31 March 2023 and 31 March 2022.

The analyses exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities of foreign operations. The analysis for contingent liabilities is provided in Note 32.

The following assumptions have been made in calculating the sensitivity analyses:

- The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 31 March 2023 and 31 March2022.

II. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions.

"Credit risk from investments with banks and other financial institutions is managed by the Treasury functions in accordance with the management policies. Investments of surplus funds are only made with approved counterparties who meet the appropriate rating and/or other criteria, and are only made within approved limits. The management continually re-assess the Company''s policy and update as required. The limits are set to minimisethe concentration of risks and therefore mitigate financial loss through counterparty failure.

The maximum credit risk exposure relatingto financial assets is represented bythe carrying value as at the Balance Sheet date

A. Trade receivables

"Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit review and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.

At the year endthe Company does nothave any trade receivable therefore there is no bad debt risk."

An impairment analysis is performed at each reporting date on an individual basis for major clients. The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 27. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and operate in largely independent markets.

B. Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties.

III. Llquidityrisk

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bankoverdrafts.

DATED :30-05-2Q23

29 Capital Management

"The objective of the Company’s capital management structure is to ensure that there remains sufficient liquidity within the Company to carry out committed work programme requirements. The Company monitors the long term cash flow requirements of the business in order to assess the requirement for changes to the capital structureto meet that objective and to maintain flexibility.

The Company manages its capital structure and makes adjustments to it, in light of changes to economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debtfacilities orundertake other such restructuring activities as appropriate.

37. Balance confirmation

Debit and credit balance of trade payables to the extent not confirmed are subject to confirmation and reconciliation with parties.

38. In the opinion of the Board of Directors and to the best of their knowledge and belief, the aggregate value of current assets on realisation in the ordinary course of business will not be less than the amount at which these are stated in the balance sheet.

39. The loan given to M/s Arcotech Ltd. amounting to Rs.59.67 lacs as on 31/03/2022 was considered to be doubtful in view of the cheque received from the party against service of interest got bounced. The account is settled during the year. The amount received over and above the principal outstanding amount is booked as interest income on receipt basis.

40. The loan given to M/s Bhuroka Power Corporation Ltd. amounting to Rs.162.25 lacs as on 31/03/2022 was considered to be doubtful in view of the cheque received from the party against service of interest and principal got bounced. The account is partly settled during the year. The amount received is adjusted against the principal outstanding. The interest shall be provided on settlement with the party.

41. The loan given to M/s Swift Builders Ltd amounting to Rs.141.24 lacs as on 31/03/2022 was considered to be doubtful. The account is settled during the year. The amount received over and above the principal outstanding amount is booked as interest income on receipt/ certainity to receipt basis.

42. The company is having fixed assets being land, building and plant & Machinary etc in Rajasthan for production of beer. The plant is not in use since last yearwhen the agreement was terminated by M/s United Breweries Ltd. The company is hopeful of entering into new botting agreement soon.

43. Previous year’s figures have been regrouped/ rearranged, wherever necessary so as to make them comparable with those of current year’s figures.

In terms of our report of even date annexed For APAS & CO LLP CHARTERED ACCOUNTANTS FRN. 000340C/C400308

DATED ¦ 30 05 2023 (RAJEEV RANJAN) R.K. BAGRODIA SNEH BAGRODIA

PLACE ¦ DELHI PARTNER CHAIRMAN CUM MG. DIRECTOR DIRECTOR

'' M.No.535395 DIN:00178250 DIN:00637355

SHANTANU BAGRODIA VARUNIKA BHANDARI

CFO COMPANY SECRETARY

Compiled by: Dion Global Solutions Limited

WINSOMEBREWERIESLIMITED

Reg. Office: Village-Sarehkhurd, Tehsil-Tijara, Distt.-Alwar- 301001, Rajasthan Corp. Office: D-61, Okhla Industrial Area Phase-I, New Delhi-110020 Ph: 011-26811299,2707, Fax No.- 011-26815222 E-mail: rkbl5)winsomeindia.in Website: www.winsomeindia.in

Request Letter 05^!

To,

The Shareholder

September, 2023

Sub:-1. Request for submission of vour Copy of PAN Card. Bank details & Email ID 2. Dematerialisation of Equity Shares

Dear Shareholders),

Pursuant to Circular No.:SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated 20^lhApril, 2018, issued by the Securities Exchange Board of India {"SEBI”), the Company is required to obtain the copy of PAN Card and Bank details from all the shareholders holding shares in physical form and BSE Circular No LIST/COMP/15/2018-19 dated 5th July, 201 Bfor dematerialization of shares held in physical form.

Accordingly, you are requested to kindly submitthefollowing documents forupdating in our records:

(i) Enclosed format duly filled in and signed by the shareholders;

(ii) Self-attested copy of your PAN Card (all the Shareholders in case of joint holding) and;

(iii) Original cancelled cheque leaf with your name printed on it ora copy of Bank Passbook/Statement bearing your name, duly attested by the Bank. Further, to support “Green Initiative”, you are requested to provide your Email ID for service of documents through electronic mode. Please ignore, if the Email has already been updated.

Further, SEBI vide Notification No. SEBI/LAD-NRO/GN/2018/24 dated 08-06-2018 has come out with SEBI (Listing Obligations and Disclosure Requirements) (fourth Amendment) Regulations, 2018 (“The New Regulations”) to further amend the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The New Regulations shall come into force on the 180^,h day from the date of its publication in the official gazette i.e. 08.06.2018 (Effective Date of implementation is Decembers, 2018). The New Regulations have inter alia amended the Regulation 40 of SEBI (LODR) Regulations, 2015 and as per amended Regulation 40, the requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialised form with a depository except in the cases of transmission or transposition of securities. In view of above amended Regulation, you are requested to open a de-mat account with a Depository Participant (DP) and deposit your physical shares with such DP and get yourshares de-mat at the earliest to avoid any kind of inconvenience.

Kindly send the aforesaid details along with the enclosures latest by 23^d September, 2023 to the Company''s Registrar & Share Transfer Agent (RTA), SKYLINE FINANCIAL SERVICESPRIVATELIMITED at D-153A, 1^aFloor, Okhla Industrial Area, Phase-I, New Delhi -110 020.Ph. No.: 011-4045019397,26812682-88.

Thanking you,

Yours faithfully,

For Winsome Breweries Limited

Sd/-

Rajendra Kumar Bagrodia Managing Director DIN:00178250

>r---------------------------------------------------------------------------------------

To,

Skyline Financial Services Private Limited D-153A, 1“ Floor,

Okhla Industrial Area, Phase-I,

New Delhi-110020

Date:

Unit: Winsome Breweries Ltd.

Dear Sir,

l/we hereby request you to update my/our below mentioned details in your records with respect to the shareholding in Winsome Breweries Ltd.

Name of Shareholder(s)
Folio No.(s)
PAN Bank Name & Branch Address	First Holder	Second Holder	Third Holder
BankA/c. No.
IFSCCode
MICR Code
Email ID
DP ID/Client ID

l/we hereby declare that the particulars given herein above are correct and complete.

First Holder Second Holder

Third Holder

Signature of Shareholder(s) - _ _

Enel.: 1. Self-attested copy of PAN card of all the Shareholders in case of joint holding. 2. Original cancelled cheque/Bank Passbook/Statement attested by the Bank.

72

---

Mar 31, 2015

AS AT 31.03.2015 (Amount in Rs) 1. Contingent Liabilities not provided for :- (excluding matters separately dealt with in other notes)

a) Counter guarantees issued to Bankers in respect of guarantees issued by NIL them

b) Guarantees issued on behalf of Ltd. NIL Co's

c) Bank Guarantees issued to Sales Tax NIL Dept & Electricity Board

d) In respect of Sales Tax/Excise 23,18,460.00 Demands pending before various authorities and in dispute( Gross )

e) In respect of Service Tax Demands 1,84,06,471.00 pending before various authorities and in dispute ( Gross )

f) Other claim against the company not 26,09,480.00 acknowledged as debt

AS AT 31.03.2014 (Amount in Rs) 1. Contingent Liabilities not provided for :- (excluding matters separately dealt with in other notes)

a) Counter guarantees issued to Bankers in respect of guarantees issued by NIL them

b) Guarantees issued on behalf of Ltd. NIL Co's

c) Bank Guarantees issued to Sales Tax NIL Dept & Electricity Board

d) In respect of Sales Tax/Excise 23,32,656.00 Demands pending before various authorities and in dispute( Gross )

e) In respect of Service Tax Demands 1,84,06,471.00 pending before various authorities and in dispute ( Gross )

f) Other claim against the company not 26,09,480.00 acknowledged as debt

2. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calcu- lated on arithmetical basis based on last drawn salaries.

3. In the opinion of the Management current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

4. Balances of certain debtors, creditors, loans and advances are subject to confirmation. Balances of debtors, unsecured loans, loans and advances, sundry creditors and advance under capital work in progress are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

5. The Company has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

6. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year :- Income Tax

Current Year Charge: (Amount In Rs.)

Income tax Provision made for the year 38,24,000.00

7. Deferred Tax Liability/Asset

The Company estimates the deferred tax charge using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year. The move- ment of provision for deferred tax is given below :

8. The Company has not provided interest on foreign currency loan amounting to Rs. 1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

9. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

10. As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard - 17 for "Segment Reporting" issued by the Institute of Chartered Accoun- tants of India.

11. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon'ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

12. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18 " Related Party Disclosures" are given below:

(a) List of Related Parties

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia -(Chairman Cum Managing Director)

(ii) Smt. Sneh Bagrodia -(Director)

(iii) Mr. Shantanu Bagrodia -(Relative of Directors)

(iv) Mrs Shivani Bagrodia -(Relative of Directors)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) Indfish Ltd.

(ii) Innovative Enterprises

(iii) Indo Australia Mining Pvt. Ltd.

(iv) R.K. Bagrodia (HUF)

(v) Corrkil Solutions (India) Pvt Ltd

(vi) Enzyme Infra Pvt Ltd

(vii) Adayana Learing Solutions Pvt. Ltd

(viii) Pentstemom Florist Pvt. Ltd.

(ix) Winsome Coatings (P) Ltd.

13. Previous year's figures have been regrouped/ rearranged, wherever necessary so as to make them comparable with those of current year's figures.

---

Mar 31, 2014

1. SHARE CAPITAL

a) Company has not issued any shares during the year

b) The holder of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.

(c) Following Shareholders hold equity shares more than 5% of the total equity shares of the company at the end of the peirod :-

As at As at 31.03.2014 31.03.2013 Amount in Rs. Amount in Rs. OTHER NOTES ON ACCOUNTS

2. COMMITMENTS

a) Estimated amount of contracts Remaining to NIL NIL be executedNIL on Capital Account and not provided for (Net of advances)

b) Letters of Credit opened in favour of NIL NIL inland/overseas suppliers

26. Contingent Liabilities not provided for (excluding matters separately dealt with in other notes) a) Counter guarantees issued to Bankers in NIL NIL respect of guarantees issued by them

b) Guarantees issued on behalf of Ltd. Co''s NIL NIL

c) Bank Guarantees issued to Sales Tax Dept & NIL NIL Electricity Board

d) In respect of Sales Tax/Excise Demands 23,32,656 23,32,656 pending before various authorities and in dispute

e) Other claim against the company not 26,09,480 26,09,480 acknowledged as debt

3. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries.

4. In the opinion of the Management current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated except where indicated otherwise.

5. Balances of certain debtors, creditors, loans and advances are subject to confirmation. Balances of debtors, unsecured loans, loans and advances, sundry creditors and advance under capital work in progress are subject to confirmation and reconcilia- tion and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

6. The Company has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

7. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year :- Income Tax

Current Year Charge:

Income Tax provision of Rs. 18.00 lacs has been made towards MAT u/s 115JB and no tax is payable on regular income.

8. The Company has not provided interest on foreign currency loan amounting to Rs.1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

9. The company has not provided for notional Loss on account of exchange fluctuation against the liability of Foreign Currency unsecured loan as on 31.03.2014 in accordance with the provisions of AS 11. The exchange rate as on 31.03.2014 was unexpectively higher and the same is continuously decreasing till the date of signing the Balance sheet. In view of the above the management feels that ultimately there will be no material difference in the foreign exchange liability in the present scenario. Had the provision for the fluctuation been made, the net profit would have decreased and the Foreign Currency unsecured loan would have been increased by Rs. 62.15 lacs.

10. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

11. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon''ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

12. As the company is engaged in manufacturing of a single product i.e. "beer'''', there is no separate reportable segment as per Accounting Standard - 17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

13. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18 " Related Party Disclosures" are given below:

(a) List of Related Parties :-

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia - (Chairman cum Managing Director)

(ii) Smt. Sneh Bagrodia - (Director & Wife of Managing Director)

(iii) Mr. Shantanu Bagrodia - (Son of Managing Director)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) Indfish Ltd.

(ii) Innovative Enterprises

(iii) Indo Australia Mining Pvt. Ltd.

(iv) R.K. Bagrodia (HUF)

(v) Corrkil Solutions (India) Pvt Ltd.

14. Previous year''s figures have been regrouped/ rearranged, wherever necessary so as to make them comparable with those of current year''s figures.

---

Mar 31, 2013

1. The Company has not provided interest on foreign currency loan amounting to Rs.1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

2. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

3. Balances of debtors, unsecured loans, loans and advances, sundry creditors, advance under capital work in progress and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

4. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon''ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

5. In the opinion of the Management, Current Assets, Loans and Advances, Fixed Assets and Capital work in progress have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

6. CONTINGENT LIABILITIES:

(To the extent ascertained by the management)

a) Disputed demand/claims of Excise/Sales Tax/Income Tax etc. amounting to Rs. 23,32,656.00 (previous year Rs. 87,62,118.00) not provided.

b) Other claim against the company not acknowledged as debt amounting Rs 26,09,480.00 (Previous year Rs. 34,39,480.00).

7. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of advances) Rs. NIL (Previous year Rs. NIL)

8. The Compnay, has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

9. As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard -17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

10. The company had purchased assets on hire purchase amounting to Rs.22,69,702.00 Amount payable as on 31.03.2013 877,826.00 (previous year Rs.513,436.00) Amount payable within one year 462,276.00 (previous year Rs. 268,016.00)

11. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries which is considered sufficient by the management.

12. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18 " Related Party Disclosures" are given below:

(a) List of Related Parties

Key Management Personnel and Relatives (Group A) (i) Mr. R.K. Bagrodia - (Chairman cum Managing Director) (ii) Mrs. Sneh Bagrodia - (Director & Wife of Managing Director) (iii) Mr. Shantanu Bagrodia - (Son of Managing Director)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) Indfish Ltd.

(ii) Innovative Enterprises

(iii) Indo Australia Mining Pvt.Ltd.

(b) Details of transactions with related parties during the year 2012-2013 :

13. Previous year''s figures have been regrouped/rearranged, wherever necessary so as to make them comparable with those of current year''s figures.

---

Mar 31, 2012

A) Company has not issued any shares during the year

b) The holder of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.

(c) Following Shareholders hold equity shares more than 5% of the total equity shares of the company at the end of the peirod :-

NOTES:

1. Term loans from financial institutions & Banks are secured by Vehicles and 1 st charge on immoveable property (present) in the name of Jay Ditya Anand Developers Pvt. Ltd. situated at D-61, Okhla Industrial Area, Phase-I, New Delhi ranking pari-pasu with the charges created in favour of participating financial institutions and Banks.

2. Loan from others parties are unsecured.

3. There has been no continuing default on the balance sheet date in repayment of loan and interest.

4. The term loans are repayable generally over a period of three to five years in installments as per the terms of the respective agreements.

5. The Company has not provided interest on foreign currency loan amounting to Rs. 1,81,31,810.62 (previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

6. The Company has short provided income tax liability for financial year ended 31-03-2012 to the extent of Rs. 5750000/- as in the opinion of the management the same is not payable. The same shall be accounted for on actual payment if made in the future.

7. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

8. Balances of debtors, unsecured loans, loans and advances, sundry creditors, advance under capital work in progress and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

9. Finished goods inventory include material amounting to Rs. 2,09,380.00/- (Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Hon'ble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

10. In the opinion of the Management, Current Assets, Loans and Advances, Fixed Assets and Capital work in progress have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

11. CONTINGENT LIABILITIES:

(To the extent ascertained by the management)

a) Disputed demand/claims of Excise/Sales Tax/Income Tax etc. amounting to Rs. 87,62,118.00 (previous year Rs. 32,94,322.00) not provided.

b) Other claim against the company not acknowledged as debt amounting Rs 34,39,480.00 (Previous year Rs. 34,39,480.00).

12. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of advances) Rs. NIL (Previous year Rs. NIL)

13. Small scale industrial undertakings to whom the company owes sums of Rs. Nil (Previous year Rs. nil) to the extent identification from available information.

14. EXPENDITURE IN FOREIGN CURRENCY

15. . As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard -17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

16. The company had purchased assets on hire purchase amounting to Rs. 1912531.00 Amount payable as on 31st March 12 513436.44 (previous year Rs.976934.64) Amount payable within one year 268016.00 (previous year Rs. 463498.00)

17. Related Party Disclosures :

Disclosures as required by the Accounting Standard -18" Related Party Disclosures" are given below:

(a) List of Related Parties

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia - (Chairman cum Managing Director)

(ii) Smt. Sneh Bagrodia - (Director & Wife of Managing Director)

(Hi) Mr. Shantanu Bagrodia - (Son of Managing Director)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have

substantial interest (Group B)

(i) Indfish Ltd.

(ii) R.K. Bagrodia (HUF)

(Hi) Shree International

(b) Details of transactions with related parties during the year 2011-2012 :

18. Previous year's figures have been regrouped/rearranged, wherever necessary so as to make them comparable with those of current year's figures.

---

Mar 31, 2010

1. Additions/ (deductions) to Plant & Machinery includes (Rs.63,46,295.76) {previous year Addition Rs. 1,19,93,515.93) being exchange difference on foreign currency loan.

2. Depreciation in earlier years on Plant & Machinery, Building & Electrical installation has been provided in proportion to actual capacity utilization Vis a vis installed capacity, resulting in lower provision by amounting to Rs. 3,56,73,039.70 till date (previous year Rs. 3,56,73,039.70).

3. The Company has not provided interest on foreign currency loan amounting to Rs.1,81,31,810.62(previous year Rs. 1,81,31,810.62) (excluding exchange fluctuation amount unascertained) till the date of conversion of the loan into interest free unsecured loan, as in the opinion of the management the same is not payable.

4. The valuation of stock in process is as estimated by the Management and auditors have relied thereon.

5. Balances of debtors, unsecured loans, loans and advances, sundry creditors, advance under capital work in progress and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of reconciliation and/or confirmation.

6. Finished goods inventory include material amounting to Rs. 2,09,380.00/-(Previous year Rs. 2,09,380.00) in the possession of an ex-C&F Agent, Patna; pending for confirmation. The said Agent had raised demands on the Company for payment of commission and other dues amounting to Rs. 26,09,480/- which has been disputed by the company and the case is pending in the Honble High Court of Bihar at Patna. Pending decision of the Court, no provision has been made there against.

7. In the opinion of the Management, Current Assets, Loans and Advances, Fixed Assets and Capital work in progress have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

8. Loan from Others under Unsecured Loans includes Rs. 4,93,06,676.40 received from bodies corporate (previous year Rs. 5,56,52,972.16).

9. CONTINGENT LIABILITIES:

(To the extent ascertained by the management) i) Disputed demand/claims of Excise/Sales Tax/Interest on cash credit from bank etc. amounting to Rs. 32,94,322.00 (previous year Rs. 90,69,570.00) not provided. ii) Other claim against the company not acknowledged as debt amounting Rs 34,39,480.00 (Previous year Rs. 46,54,340.00).

10. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of advances) Rs. NIL (Previous year Rs. NIL)

11. Small scale industrial undertakings to whom the company owes sums of Rs.nil (Previous year Rs. nil) to the extent identification from available informations.

12 As the company is engaged in manufacturing of a single product i.e. "beer", there is no separate reportable segment as per Accounting Standard -17 for "Segment Reporting" issued by the Institute of Chartered Accountants of India.

13 The company had purchased assets on hire purchase amounting to Rs.763846

Amount payable as on 31 st March 10 418849.34 (previous year Rs.722309.96)

Amount payable within one year 236124.00(previous year Rs.*439524.00)

- including interest

14. Related Party Disclosures :

Disclosures as required by the Accounting Standard - 18" Related Party Disclosures" are given below: (a) List of Related Parties

Key Management Personnel and Relatives (Group A)

(i) Mr. R.K. Bagrodia - (Chairman cum Managing Director)

(ii) Smt. Sneh Bagrodia - (Director & Wife)

(iii) Mr. Shantanu Bagrodia - (Son)

Enterprises in which Key Management Person or his relatives are able to exercise significant influence or have substantial interest (Group B)

(i) IndfishLtd.

(ii) R.K. Bagrodia (HUF)

(iii) Shree International

15 Previous years figures have been regrouped/rearranged, wherever necessary so as to make them comparable with those of current years figures.